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Nymex Establishes Margin Rates For PJM Monthly Eletricity Futures Contract

Date 01/04/2003

The New York Mercantile Exchange, Inc., today announced the anticipated margins for the financially settled Pennsylvania-New Jersey-Maryland (PJM) monthly electricity futures contract that it will launch on April 11.

Margins on the first through sixth months will be $3,500 for clearing members, $3,850 for members, and $4,725 for customers. Margins on all other months will be $2,000 for clearing members, $2,200 for members, and $2,700 for customers.

Margin rates for intra-commodity spreads involving the spot month will be $2,000 for clearing members, $2,200 for members, and $2,700 for customers. Rates for spreads involving the second month will be $1,500 for clearing members, $1,650 for members, and $2,025 for customers. Margins on spreads involving the third through sixth months will be $1,000 for clearing members, $1,100 for members, and $1,350 for customers. Margins on spreads between all other months will be $500 for clearing members, $550 for members, and $675 for customers.